Investing.com - Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country over the weekend.
The U.S. on Saturday revoked sanctions that had slashed Iran's oil exports by around 2 million barrels per day since its pre-sanctions 2011 peak to little more than 1 million barrels per day.
Worries about Iran's return to an already glutted oil market drove down Brent to $27.72 a barrel early on Monday, its lowest since 2003. The benchmark then recovered, rising 1.02% to $29.25 by 12.21 GMT.
U.S. crude was last up 0.46% at $30.53 a barrel, still not far from a 2003-low of $29.37 hit earlier in the session.
The additional Iranian supply would arrive at a time when oil markets are already trying to absorb excess production from the U.S., Russia, and the Middle East.